FinServe Summit Heralds Increased Amplification of The College’s Mission
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A group of 16 financial professionals with diverse backgrounds, fields of expertise, and positions in the industry, the FinServe Network is a new initiative by The College to utilize those in its network to amplify The College’s mission within their spheres of influence. Membership in the FinServe Network is an exclusive invitation extended to practitioners who embody lifelong learning and are passionate about advancing the profession to be more diverse and inclusive.
With 14 of the 16 members of the FinServe Network’s inaugural class represented at the Summit, held in-person at The College’s offices, faculty, staff, and influencers engaged in two days of team-building, panel discussions, coffee talks, and more designed to bring them together, inspire them, and equip them with the tools they need to spread the word about The College to their communities.
A Powerful Introduction
The FinServe Network ambassadors arrived at The College on Monday from hometowns all across the country–some even from as far away as Alaska and California. They joined in the excitement felt by The College’s professional staff as Chief Marketing Officer Jared Trexler led the unveiling of The College’s reimagined brand, a sneak peek at its new website, and an overview of the “Your Life’s Work” campaign meant to introduce diverse communities to the multitude of opportunities available to them at The College.
Trexler and other members of The College’s Marketing and Communications team emphasized how this trifecta of changes would enhance the ability of those present to share The College’s story with others and communicate the value of its programs, not just as a leader in financial services education, but as a difference-maker that seeks to better the profession and society through financial knowledge.
To that end, faculty members Timi Joy Jorgensen, PhD, and Valencia Gabbay presented the latest iteration of Know Yourself, Grow Your Wealth: The College’s consumer financial education program designed to help those in underserved communities to grow in personal finance knowledge. Jorgensen and Gabbay highlighted the program's benefits to advisors, encouraging them to share the news of its availability to their networks.
Breaking the Ice and Building Community
Following the informational sessions, Senior Director of Marketing and Media Relations Lindsey Allumbaugh sought to grow the group’s team spirit by having the FinServe ambassadors engage in a few fun activities. In the first game, ambassadors were given a choice between two opposing sides–coffee or tea, vacations at the beach or in the mountains, etc.–to lighten the mood of the gathering and allow them to get to know a bit more about each other. In the second, the ambassadors were encouraged to speak about their “superpower”: not a power they would like to have, but one they already possessed.
Many ambassadors spoke about their power to connect disparate ideas and different people to foster growth through community and connections, especially ones that might not be expected or commonplace. A few testified to their powerful personalities, from sunny optimism to grounded realism, as what helps them to sway clients and convince them to consider alternatives to their preconceived notions about financial planning. Still others referred to their backgrounds from diverse communities as a force that drives them to serve others or a passion for giving back.
These talents were the focus of the day’s last activity, an inspirational conversation with Deirdre Van Nest of Crazy Good Talks®. In her session, Van Nest testified to the power of personal stories and emotional connection as the key to effective speaking. Rather than simply trying to convince or sell their clients on ideas by presenting facts, Van Nest shared her own highly affecting story of losing her mother in a car accident to prove the point that emotional appeals are at the core of creating relationships based on trust–an especially important skill for FinServe ambassadors to have.
A Meeting of the Minds
The FinServe ambassadors reconvened Tuesday morning for coffee and a discussion session with College President and CEO George Nichols III, CAP®. President Nichols painted a picture of how far The College has come in its nearly 100-year history and how far he envisions it going as it works to fulfill current strategic initiatives designed to set a new standard in the industry. While candid, President Nichols was full of enthusiasm and hope for the future–and his sentiments were shared by the ambassadors, who excitedly peppered him with questions about what they could do to help The College move forward in its mission.
Afterward, the ambassadors heard from The College’s leading faculty in a panel discussion distilling recent research initiatives and their results. Faculty members represented included: Michael Finke, PhD, CFP®, Wealth Management Certified Professional® (WMCP®) Program Director; Eric Ludwig, CFP®, Retirement Income Certified Professional® (RICP®) Program Director; Chet Bennetts, CFP®, ChFC®, CLU®, RICP®, CLF®, director of the CFP® Certification Education Program and Chartered Financial Consultant® (ChFC®) Program; Keith Gatto, PhD, Assistant Professor; Sophia Duffy, JD, CPA, Associate Professor of Business Planning; and David Pierce, MSFS, MSM, MA, AEP®, CLF®, ChFC®, CLU®, Certified Financial Fiduciary®, Chartered Life Underwriter® (CLU®) Program Director.
Ambassadors once again freely engaged throughout the presentation session and asked many impactful questions about the implications of the findings and how they saw The College’s programming evolving in the years to come.
Conversations and Connections
The late morning and the early afternoon saw ambassadors being split into smaller groups for the final activities of their visit: panel discussions.
Ambassadors were grouped by specialty and area of focus for several discussions capturing insights into retirement planning today, DEI in practice, and opportunities and challenges in philanthropic advising. A member of The College’s faculty or leadership team led and moderated each discussion.
In the first panel on retirement planning, Ludwig led a discussion with ambassadors Jason Austell, CFP®, MSFS, ChFC®, CLU®, CASL®, RICP®, AEP®, CAP®, Nancy Du, RICP®, CFP®, Padric Scott, AEP®, CFP®, ChFC®, CLU®, WMCP®, CCFC, and Terry Parham, Jr., CFP®, ChFC®, CLU®, RICP®, WMCP®. Ludwig pointed out the two biggest disruptors in current retirement planning–inflation and market volatility–and asked the ambassadors about their strategies for handling them.
For the second panel, Finke headed a conversation focused on challenges facing independent advisors from RIA firms featuring ambassadors Andrew Tudor, CFP®, CAP®, Angie Ribuffo, CFP®, RICP®, ChFC®, CDFA®, CLTC®, WMCP®, Heather Welsh, CFP®, AEP®, MSFS, and Scott Winslow, MSFS, ChFC®, CLU®, RICP®, AEP®, CCFC. Finke pointed out that 2022 was an interesting year for advisors, especially those going independent, due to fluctuations in investment products and a rising number of clients needing retirement planning services.
The third panel, including and moderated by President Nichols, looked at diversity, equity, and inclusion in the financial services industry. Ambassadors Fatima Williams, FSCP®, Alanah Phillips, Centario Grier, and Marco Williams talked about their experiences as women and people of color getting started in the industry and advancing in the profession. They emphasized leaning into what makes you unique despite a culture that often browbeats people into fitting a mold.
Finally, the last panel on philanthropic advising included recent Chartered Advisor in Philanthropy® graduate President Nichols and two ambassadors specializing in giving back: Rick Peck, CAP®, and Mary Fischer-Nassib, CAP®. Peck, a gift planner with a charitable foundation, and Fischer-Nassib, founder of her own organization focusing on making an impact through athletic programs, talked about current challenges, trends, and opportunities in philanthropic advising.
A Celebratory Conclusion
A final address from Trexler and Nichols and a champagne toast tied a bow on the inaugural FinServe Summit and sent the ambassadors on their way with inspirational words and the promise of an impactful collaboration to come–as well as new bonds of friendship and fellowship formed.
We thank all the members of our first FinServe Network class for their service to The College and dedication to advancing our mission to benefit society! Check out the recap reel below to view the Summit’s video highlights.
Ethics In Financial Services Insights
How Personal Relationships Affect Trust in Financial Services
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The results showed that while the industry has come a long way since public trust in financial services cratered in the wake of the 2008 financial crisis, there is still a long way to go when it comes to earning the confidence of diverse groups of clients and those outside the system of traditional financial services companies.
In a new report released in April 2023, the Center for Ethics in Financial Services continued to highlight the sources of consumer anxiety when dealing with financial services companies and which companies were more likely to earn the public’s trust.
In the report, experts from the Center write that consumer trust in financial services comes with some latitude for mistakes but is also easily lost when consumers have negative experiences that question whether it was wise to trust in the first place. In addition, there is significant complexity around the factors that drive whether individuals trust an organization. These include three general domains of trust factors: psychological, experience, and demographics.
Among the psychological factors that drive trust for consumers, the Center’s research identified five key points: company behavior and values; what consumers hear about experiences with a company from others; levels of personalization and individualized service; how organizations protect their clients from fraud and act transparently toward them; and what kinds of reviews a company has from reputable sources. All can play a significant role and, when taken together, provide a potential blueprint for how financial services companies can approach consumers who may tend toward lower levels of trust.
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The Center found that more often than not, personal relationships formed due to experience with a financial services professional or company matter significantly. In addition, an important marker of an organization consumers feel they can trust is the consistency with which they are present in the community: are employees treated well? Is the community treated well?
Organizations, such as investment app companies and online-only or mobile banks, tend to have fewer opportunities for direct engagement or to form personal relationships. In this study, they also trended lower on trust indexes – proving the “experience gap” is a real and enduring factor the industry must consider.
Access our research brief offering pathways to trust in financial services.
Diversity, Equity & Inclusion Insights
ESG Investing Takes Center Stage
ESG is an acronym for the use of environmental, social and governance considerations in investing.
ESG is important when seeking to connect with women as clients because women are more likely than men to be interested in ESG impacts through their financial portfolios. The topic has become politicized because it may affect the allocation of investments across various sources of energy, such as coal, renewables, oil, or gas. Such shifts could create winners and losers among energy companies, and the states where they do business. Moreover, the Biden veto protects a Department of Labor (DOL) amendment to the ERISA fiduciary duty rules, which regulate financial professionals advising on pension plans, 401(k)s and other retirement and endowment funds.
Implications Of The Biden Veto
The DOL under Biden released its final amendment to the ERISA rule on November 22, 2022, just before the Republicans won control of the House. The Republican-led Congress, however, opposes the Biden administration’s approach to ESG and voted to kill the rule by using a mechanism called the Congressional Review Act, which enables Congress to overturn actions taken during the end of a prior Congressional term.
Biden’s veto secured the 2022 DOL rule, which became effective on January 30 of this year. Whereas the Trump administration had a restrictive view of the type of data a fiduciary could consider, the current rule enables fiduciaries to consider ESG factors so long as they are relevant to the financial analysis.
Admiral Michael G. Mullen Named as the 2023 Soldier-Citizen Award Recipient
A distinguished service member and former Chairman of the Joint Chiefs of Staff for Presidents Bush and Obama from 2007 to 2011, Admiral Mullen embodies sacrifice, service, and selflessness.
“Admiral Mike Mullen truly exemplifies the values of a soldier and a citizen. As a soldier, he has given over 40 years of military service to our nation at the highest levels of leadership. As a citizen, he has done significant work in the financial services industry, held numerous board positions with both for-profit and nonprofit organizations, taught national security decision-making policy as well as ethics and leadership, and has received a long list of distinguished awards. Much of his work with nonprofit organizations is related to assisting military veterans and their families. It was an honor to nominate Admiral Mullen for this award in recognition of his sacrifice, success, and service.”
~John M. Howard, Chairperson of the Board of Trustees of The American College of Financial Services
Admiral Mullen served as the 28th Chief of Naval Operations from 2005–2007 and the 17th Chairman of the U.S. Joint Chiefs of Staff for Presidents Bush and Obama from 2007 to 2011. He led the military during a critical time of change and transition, advancing the rapid fielding of innovative technologies, championing emerging and enduring global partnerships, and promoting new methods for countering terrorism. He spearheaded eliminating the “Don’t Ask, Don’t Tell” policy, ushering for the first time in U.S. military history the open service of gay and lesbian men and women.
After his retirement from the United States Navy in November 2011 after 43 years of honorable service, Admiral Mullen joined the corporate boards of General Motors from 2013–2018 and Sprint from 2013–2019. He continues to serve on numerous boards, including Bloomberg Philanthropies, Naval Academy Foundation, Naval Postgraduate School Foundation, Harvard Business School, and a wide array of nonprofit organizations dedicated to improving the growth, development, recovery, and transition of military veterans and their families.
Additionally, he taught National Security Decision-Making and Policy at the Woodrow Wilson School of International and Public Affairs at Princeton University from 2012– 2018 and continues to teach advanced ethics and leadership at the U.S. Naval Academy.
Currently, Admiral Mullen is president of MGM Consulting, which provides counsel to global clients on issues related to geo-political developments, national security interests, and strategic leadership. Admiral Mullen is a distinguished graduate of the U.S. Naval Academy and a distinguished graduate of the Naval Postgraduate School, a distinguished alumnus of Harvard Business School, a member of the National Academy of Engineering and served as a trustee at Caltech.
Kristi Martin Rodriguez Honored as 2022 Lang Dixon LEAD Award Recipient
Rodriguez has spearheaded multiple efforts across the industry to help diversify the industry and narrow the wealth gap, including leading the development of the Financial Alliance for Racial Equity (FARE), which is focused on increasing the number of black financial professionals entering the industry and filling the voids to help retain them.
Diversity, Equity & Inclusion Insights
The Future Client is Female
By all measures, they are an attractive market. Yet they are under-represented as advisors, and the mostly male profession has largely focused its attention on male clients; even among married clients.
To date, wealth managers and advisory firms have been slow to respond to the demographic and social changes that are transforming the market for financial advice and many are missing the significant market opportunity that women represent.
While women essentially need the same services as men, they do have some specific preferences and needs that firms have, so far gone unmet. Some leading firms have realized the opportunity, and are changing how they approach women as clients. Firms can learn about the changing trends in this important market segment, and how best to realize the opportunity.
Ethics In Financial Services Insights
Perspectives on Ethical Leadership 2020
Specifically, the group examined the role big data plays in the financial services world and the potential ethical dilemmas that arise when data collection comes into conflict with profit and ethics regulations. Participants also looked at case studies dealing with data privacy and shareholder vs. stakeholder interest.
Read the full 2020 Forum report here.
Ethics In Financial Services Insights
ESG: U.S. and European Rules Reveal Differing Perspectives on the Topic of “Materiality” in Business
Azish Filabi, Executive Director of the American College Center for Ethics in Financial Services, examines the concept in this article.
Ethics In Financial Services Insights
Perspectives on Ethical Leadership 2001
Specifically, the group discussed what is needed to run an ethical business in the financial services industry. Topics included processes, incentives, and responses to current hot-button trends.
Read the full 2001 Forum report here.